CLICK ON CHART TO ENLARGE
Gold futures remain on its steep rising 10-year support line at (1) in the chart above. The Gold bugs index (HUI) is on similar 10-year support line at (2), which is being pushed to the max! Gold bugs sentiment (inset chart) remains more oversold than any other major asset class.
Can support and oversold conditions keep Gold/Gold bugs from falling any further? Odds would favor a bounce here. Gold and Gold bugs don’t want to see this support fail to hold!